《大行報告》大摩料「三桶油」次季上游業務業績堅韌 首選中石油(00857.HK)
大摩發表報告指,「三桶油」首季盈利勝預期後,預計上游勘探與開採業務在良好的成本控制和人民幣貶值的影響下仍將保持韌性,但由於原油價格走低,第二季盈利按季可能略有下降。
大摩行業首選仍為中石油(00857.HK),因其天然氣業務具結構性增長和下游盈利能力改善。今年每股盈利預測上調9%,以反映油價假設下調、勘探與開採成本下降等影響。維持「增持」評級。目標價6.5元。
大摩將中石化(00386.HK)今年至後年每股盈利預測上調6至15%。 由於成本假設降低,同時上調對勘探和開採業務盈利預期,但化工業務盈利預測則因需求低迷而被下調。由於下游業務預期表現疲軟,該行仍然認為市場對其盈利預測存在下行風險,因此維持「減持」評級,但維持4.05元目標價。
至於大摩對中海油(00883.HK)今年每股盈利預測提高3%,後年預測提高11%,以反映成本假設降低,明年預測小幅下調2%,主要是由於油價假設降低13%。鑒於中海油與同行相比估值相對較低,維持「增持」評級。目標價14.4元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.